Concern that Beijing could join Shanghai in a strict COVID-19 lockdown weighed on Chinese stocks on Monday, dragging the MSCI’s index for emerging market stocks (.MSCIEF) 2.4% lower in its worst one-day percentage fall since mid-March.

The MSCI emerging market index slid into correction territory, down 10% from its early April peak, after China’s (399300) plunged nearly 5% to a 23-month low, while the Shanghai composite index (000001) shed 5.2%.

China’s commercial hub, Shanghai, entered its fourth week of a harsh lockdown, with Beijing fearing similar curbs after the emergence of COVID-19 cases.